黄金稳定币：发展现状如何？

Market Overview - The gold stablecoin market is currently dominated by two major players: Tether's XAUT and Paxos' PAXG, each holding nearly half of the market share[8][9]. - As of June 2025, the market capitalization of gold stablecoins is projected to reach $1.6 billion, accounting for approximately 0.67% of the total stablecoin market[8][9]. Advantages of Gold Stablecoins - Gold stablecoins enhance the convenience of gold trading by operating on blockchain technology, allowing for global transactions at any time[11]. - They lower investment barriers by enabling fractional ownership of gold, with the ability to split ownership down to six decimal places (approximately $0.02)[11]. - Transaction costs are significantly reduced, with PAXG charging only 0.02% in fees compared to higher fees associated with gold ETFs and futures[11]. Challenges Facing Gold Stablecoins - There is a fundamental conflict between the monetary functions of gold and stablecoins, as stablecoins focus on payment and settlement while gold serves primarily as a store of value[17]. - Gold stablecoins have not fully realized their value stability, with a low number of holders (less than 50,000 wallets) leading to low trading turnover and shallow market depth[17][19]. - Regulatory uncertainty remains a significant issue, as existing frameworks primarily cover fiat-backed stablecoins, leaving gold stablecoins in a precarious position regarding compliance[17]. Risk Considerations - There is a risk of significant deviation from the current gold price, which poses legal and compliance risks for both investors and issuers[28].